Sajar Plastics invests in 1,500-ton press
MIDDLEFIELD, OHIO - Injection molder Sajar Plastics Inc. has added its largest press yet, a 1,500-ton machine, partly in an effort to boost business in the office machines market and other large-part molding.
The company is responding to demand from Xerox Corp. and other customers, said Joe Bergen, president and chief executive officer of the Middlefield-based firm.
Sajar invested about $1.4 million in the press, which replaces a 1,200-ton machine, and in software, training and consulting to try to improve operation and focus on high-volume, value-added manufacturing, he said.
Bergen said the firm's capacity utilization remains around 50 percent, with sales relatively flat during the past year.
Graham Packaging resurrects IPO plan
YORK, PA. - Graham Packaging Co. Inc. has resurrected its plan for an initial public offering. While the firm has no time line, Graham said it will reduce slightly the amount of money it will seek.
The York-based maker of plastic containers said Jan. 14 that it will reduce the size of the offering to 13 million shares and seek a higher per-share price of $16-$19. The company could raise as much as $247 million in the amended agreement, down from a range of $250 million to $276 million it had said in May that it would seek.
Graham officials decided in July to postpone the IPO due to difficult market conditions. No new date has been announced for an IPO, but the company is looking at the possibility once more, said spokesman Don Sarvey.
``We always had the intent to do an IPO at some point in the future when the market improved,'' Sarvey said.
The change in selling price reflects the market for peer companies, Sarvey said. That includes PET container maker Constar International Inc. of Philadelphia, recently spun off on the public market from Crown Cork & Seal Co. Inc.
Under the amended terms, Graham's majority owner Blackstone Group would own 49.6 percent of the company, while 36.9 percent would be traded publicly. The Graham family and several small investors would own the rest.
Graham recorded sales of $713.9 million for the first nine months of 2002.